A clean slate

Only the brave registered at the auction of 47 Everard Street, Hunters Hill on Saturday, with the rundown bungalow selling for $1,245,000 which was $95,000 over reserve.

The 1929-built three-bedroom, one-bathroom home with single lock-up garage was one of 808 Sydney properties listed to go under the hammer at the weekend.

With 513 of the results in by Saturday evening, the Fairfax-owned Australian Property Monitors put the clearance rate at 79.3 per cent.

47 Everard Street, Hunters Hill sold for $1,245,000 which was $95,000 over reserve. Photo: Supplied

After more than 100 group inspections and in excess of 20 contracts issued, seven groups held bidders cards for the Hunters Hill property. Two of those groups pre-registered mid-week.

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But not all potential buyers showed up. Some were scared off by the enormous amount of structural renovation needed; the severely cracked walls were only the tip of the iceberg. However, it did have a lot going for it.

The house sits on a generous 645-square-metre corner block with a 21-metre-wide frontage. The period features including the soaring ornate ceilings and stained glass windows are charming. Suburb prestige and close proximity to the city and transport were also drawcards.

1/238 Raglan Street, Mosman sold for $1,405,000 which was $455,000 over reserve. Photo: Supplied

Only after 10 minutes of an intense stand-off between two bidders did a crowd of 50 see McGrath auctioneer Peter Malouf's gavel hit down in favour of Campsie resident Jean Nguyen.

''I thought it was a fair price; it's cheap for a childcare site. I have been looking to spend $1.5 million in Blacktown or Campbelltown, but now I don't have to travel far and I can enjoy the prestige of the suburb.

173 Waratah Street, Sutherland sold for $707,000. It was $37,000 over reserve. Photo: Supplied

''I was hoping it would sell at $1.1 million but [was] prepared to pay $1.4 million. This is what I want to base my business on and it's such a gorgeous house.''

Vendor Christine Lopez, who purchased the property 20 years ago for $305,000, said she hoped it would sell for the end result.

''It's a bit surreal, but it's good to know the home won't be demolished. It's been a great place to live,'' she said.

''I bought it off a man whose father built it, and apparently there was a shop over the back fence and the land was subdivided many years ago before I bought it.''

McGrath Hunters Hill agent Paul Cavarra said it was an awesome result, $100,000 more than he expected.

''This was always going to be a mystery auction,'' he said. ''The home needs a lot of work so I wasn’t sure if it was going to struggle.

26 William Street, Earlwood sold for $1,285,000 which was $135,000 over reserve. Photo: Supplied

''An organic childcare centre is exactly what this suburb needs and parents will appreciate it.

''We had potential buyers come from everywhere with different project plans. The under-bidders were builders prepared to knock down and rebuild. Inner west buyers came here for value for money.

''The Hunters Hill market always remains strong and amongst the best performers in Sydney. I've sold approximately 40 homes here at auction, or prior to auction, in the last financial year; a lot of people aspire to own property here.''

Other hot auctions in Sydney also did not disappoint.

Michael Coombs from McGrath Mosman sold unit 1/238 Raglan Street, Mosman for $1,405,000 which was $455,000 over reserve. The two-bedroom, one-bathroom apartment with one car space, all on 80 square metres, had 28 registered bidders. It is 120 metres to Balmoral Beach, renovated and was snapped up by a downsizer.

In south Sydney, a three-bedroom fibro home on 566 square metres at 173 Waratah Street, Sutherland was sold by Nick Gleeson of Sanders Property Agents for $707,000. It was $37,000 over reserve.

In the east, 1/343 Riley Street, Surry Hills was sold for $845,000 by Belle Property agent Mark Foy. The reserve was $840,000. The two-bedroom, two-bathroom unit on 85 square metres had five registrations and went to a local couple.

In the west, 26 William Street, Earlwood sold for $1,285,000 through Con Klironomos of Ray White Kingsgrove & Bexley North, which was $135,000 over reserve. The three-bedroom, two-bathroom brick home on 708 square metres with a car space, had 14 registrations and went to a family moving from the eastern suburbs.